Cardano Technical Analysis: ADA Has 7 Bullish Out Of 8 Bearish Sessions

Daily Cardano ADA Price Analysis

Last Updated July 29th 2021
2 Min Read
  • Cardano price blocked below 50-day SMA.
  • ADA has flipped parabolic SAR from negative to positive.

Cardano’s bullish rally has been temporarily blocked by the 50-day SMA. As things stand, ADA is priced at around $1.30. Prior to this, Cardano dropped from $1.45 to $1.05 between July 5 and July 20, flipping the 20-day and 200-day SMAs from support to resistance.

Cardano Price Blocked By 50-day SMA

The Cardano price had 7 bullish sessions out of the last 8, wherein ADA jumped from $1.05 to $1.31. Due to this drop, ADA managed to:

  • Flip the 20-day and 200-day SMAs from resistance to support.
  • Reverse the parabolic SAR from negative to positive.
  • Flip the MACD from red to green.

Image: ADA/USD daily

ADA/USD daily chart 072921

As mentioned, the Cardano price faces resistance at the 50-day SMA ($1.35). Previously, at this level, around 158,000 addresses had purchased nearly 2.8 billion ADA tokens.

Image: IntoTheBlock

ADA/USD volume chart 072921

Cardano’s Hoskinson: Expect A Lot In The Next Two Months

Cardano has been surging to new highs, with tons of hype around its ongoing developments. However, looking at other blockchains with smart-contract capabilities, such as Ethereum and Binance Smart Chain, Cardano seems to have some catching up to do.

IOHK CEO, Charles Hoskinson, has been the target of various attacks on social media platforms, regarding this issue. This is despite his regular AMA sessions and the recent progress with the Alonzo White phase. A Twitter user "@tanybro" said:

"I've found free money on Polymarket There is no chance $ADA will have a functioning smart contract on mainnet in 2021. Charles Hoskinson especially mentioned this bet and made fun of it. Surely he will ignore it when this bet resolves and ''No'' betters get their rewards.

@IOHK_Charles will most likely completely clone another working POS chain and call it an update of $ADA and decorate it with fact-bending theses to make it look like it evolved from the current github."

Hoskinson was quick to respond to this.

“It’s amazing how delusional some people are. This is honestly the level Cardano critics are at now. Next two months are going to be fun. Expect a lot of meltdowns and temper tantrums from the paint chip brigade."

Within the given period, Cardano aims to inch closer to launching smart contacts on their platform. However, Cardano’s scheduled roadmap did see a delay concerning the 1.2.8 node that incorporated validation fixes as discovered by a series of tests.

Cardano Price Is Expected To Reach These Levels

If the Cardano price crosses the 50-day SMA, the Cardano price should cross the $1.40 and psychological level. The next strong obstacle is the $1.45 barrier.

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